United Spirits extends losses as Bihar announces liquor ban from April 2016

United Spirits shed 1.45% to Rs 3,165 at 15:15 IST on BSE with the stock extending previous session's losses triggered by worries the ban of alcohol by the Bihar government in the state would impact revenues.

Meanwhile, the BSE Sensex was up 199.10 points, or 0.77%, to 26,157.73.

On BSE, so far 45,295 shares were traded in the counter, compared with an average volume of 26,396 shares in the past one quarter.

The stock hit a high of Rs 3,278.25 and a low of Rs 3,160 so far during the day. The stock hit a record high of Rs 4,080 on 5 March 2015. The stock hit a 52-week low of Rs 2,501 on 1 December 2014.

 

The stock had outperformed the market over the past one month till 26 November 2015, gaining 2.85% compared with 5.13% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 3.05% as against Sensex's 0.95% rise.

The large-cap company has an equity capital of Rs 145.33 crore. Face value per share is Rs 10.

Chief Minister Nitish Kumar reportedly yesterday, 26 November 2015, announced a liquor ban in Bihar with effect from 1 April 2016. Shares of United Spirits dropped 4.74% to Rs 3,211.45 yesterday, 26 November 2015.

United Spirits reported net profit of Rs 929.30 crore in Q2 September 2015 compared with net loss of Rs 26.90 crore in Q2 September 2014. Net sales rose 5.7% to Rs 2122.17 crore in Q2 September 2015 over Q2 September 2014.

United Spirits makes alcoholic beverages. It is a subsidiary of British multinational Diageo plc.

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